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Tuesday, April 14, 2009

Hollywood celebrities feel the recession heat

AgenciesPosted: Apr 14, 2009

While the recession has left the common man across the world with a pinched pocket, Hollywood celebrities, who are known for their extravagant lifestyle, are also adopting to cost cutting measures.

Celebrities like actor Nicolas Cage, Leonardo DiCaprio, Sharon Stone and many others have lost money due to the recession. Actor Nicolas Cage has sold his Bavarian castle Scholoss Neidstein to his lawyer for 100,000 pounds. Cage had bought the 28-room castle in 2006 for 1.6 million and had spent millions on renovation, the ‘Daily Mail’ reported.

"Due to the difficult economic situation, unfortunately, I was no longer able to keep it," he said. The price of his mansion in Bel Air, which is on the market for a while, has also been reduced. The price which started at 23 million is now available for a moderate 12 million pounds.

Similarly, 'Basic Instinct' star Sharon Stone put her five-bedroom, Mediterranean-style property in Beverly Hills on the market for USD 7.5 million. But due to the worsening market conditions, the star has been unable to sell despite reducing it to USD 6.8 million. It has now been rented out for 24,000 pounds a month.

The 'Titanic' star Leonardo DiCaprio is also facing a similar fate with his Malibu home, which he bought for 4.3 million pounds two years ago. The actor had put it back on the market for 6 million but had to reduce the price to 5.3 million pounds. But no one has shown any interest in buying it.

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